First of all, even when you black out, you still have about 4% O2 in your lungs, and about 40% of your hemoglobin is still saturated with oxygen, so there is still plenty of oxygen in your blood.
When it comes to oxygen availability to tissues, all that matters is pressures, not quantities. So, increasing the blood pressure in your head (or decreasing it), has a dramatic effect on the O2 availability to brain cells. This is why a person with low blood pressure blacks out so much more easily than a person with normal blood pressure.
Contractions act to increase the blood pressure in your head. I think that is their main purpose; the body is trying to increase the O2 availability to brain cells. Some may argue against that hypothesis, but contractions are definitely not your body 'just trying to breathe', since they happen on exhale statics as well, at a time when inhaling would be the correct action, not exhaling.
So, I definitely think any tricks fighter pilots use could help you delay a blackout. I personally have found that a deliberate and prolonged abdominal 'contraction' to force blood into my head helps my vision clear up at the end of a long apnea.
Eric Fattah
BC, Canada